The Complete Guide to Planning Your Estate in New York: A Step-By-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes Are Fulfi


What happens to your estate after you are gone is very much within your control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death. For those people who wish to preserve their assets for designated purposes such as family or special charities it becomes necessary to make special advance preparations.

Your estate plan should also allow for the possibility of your own ...

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What happens to your estate after you are gone is very much within your control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death. For those people who wish to preserve their assets for designated purposes such as family or special charities it becomes necessary to make special advance preparations.

Your estate plan should also allow for the possibility of your own disability. It should detail what you own and whom you want to leave it to at a time of your choosing and the way you want. Your estate plan should include fully disclosed, controlled costs for you and your loved ones. The last thing you want to worry about is having your estate drained of value through taxes and legal costs.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. The Complete Guide to Planning Your Estate in New York will help you glide through this complicated process. This new book has been adapted to offer New York residents state-specific advice for estate planning. Co-authors Margo Pierce and Linda C. Ashar, attorneys at law, have crafted an estate planning primer, allowing New York residents to become more informed and more involved during the process.

Many books on estate planning indicate you do not need the services of an attorney, but this book highly recommends using an attorney versed in this area: You should not go through the process alone. This book is intended explain the complicated issues, terminology, and planning strategies of estate planning so when you do meet with a qualified attorney, you will be well prepared.

New York-specific information is offered throughout this book, including: New York's probate code; New York rules, regulations, and laws specific to estate planning; elements of a valid New York will; planning your living will in New York; explanations of New York laws regarding durable health care power of attorneys, do not resuscitate (DNR) orders, and directives to withhold CPR.

Estate planning should be a positive experience. It involves reviewing your situation and planning for your future. Other books offer a non-state-specific overview of estate planning, causing many readers to be misinformed about rules and regulations particular to their state; but, this new book provides information New York residents need to know. Do not get outdated or wrong information that does not pertain to you specifically. Use this new book to craft an estate plan that is not only legally sound but also fully carries out your last wishes and protects your loved ones.

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.

This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. The print version of this book is 336 pages and you receive exactly the same content. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

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Product Details

  • ISBN-13: 9781601384270
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 6/1/2010
  • Pages: 336
  • Sales rank: 1,379,731
  • Product dimensions: 5.90 (w) x 8.90 (h) x 1.10 (d)

Meet the Author

Esq. Retired Estate Planning Attorney

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Table of Contents

Foreword 15

Introduction 19

Chapter 1 An Introduction to Estate Planning 21

Why Do All This Work? 21

What is an Estate? 22

Property Types 24

Property Interest: Defined 25

Who Will Help You Plan Your Estate? 26

A Closer Look: The Attorney 27

A Closer Look: The Financial Planner 27

A Closer Look: The Accountant 30

A Closer Look: The Insurance Agent 32

Getting Started with Your Estate Planning 34

Your Method for Success 34

Are You Ready? 39

Chapter 2 What Are You Worth? 41

What is Your Home Worth? 42

What Other Property Is Out There? 44

Real Property beyond Real Estate 45

Your Debts: Subtracting Debt from Property 49

What Does the Future Hold in Worth? 51

Factoring in Settlement Costs 53

Chapter 3 Your Will: The Definition of Your Estate Plan 55

Your Will is a Backup 57

Getting Your Will Started 59

Developing a Will 67

What Cannot be Included in a Will? 72

Additional Will Contents and Concerns 73

Monitoring Your Will throughout Your Life 80

Your Will's Status 81

Chapter 4 Laws That You Have to Deal With 85

Abatement Statutes and Laws 86

Antilapse statutes 90

Ademption Statutes 91

Death and Divorce: Two Common Considerations 92

Sometimes Laws Get in the Way No Matter What 95

Chapter 5 Probate: Avoid It at All Costs 103

The Cost of Probate 105

Avoid It if Possible 107

Can Probate Be a Good Thing? 112

Chapter 6 Will Substitutions That Can Conserve Your Estate 115

When to Consider Substitutes 116

Which Will Substitute Should You Consider? 117

What is Joint Tenancy With Survivorship? 117

Tenancy by the Entireties 120

What is a Living Trust? 120

Joint Tenancy BankAccounts 124

Tenancy by the Entirety 125

Payable-on-Death Accounts 125

Other Will Substitutes 127

Summing it Up 129

Chapter 7 Trusts: Trusting and Your Estate 131

How Trusts Work 132

Trusts for Couples 133

Creating the Trust 134

Making Your Trust Valid 139

Abstract of Trust 143

Summing it Up 143

Chapter 8 Taxes: Estate Tax and Other Taxes 145

Federal Estate Tax Exemptions 147

State Estate Tax and Inheritance Tax 148

Gift Tax 150

GSTT-Generation Skipping Transfer Tax 152

Estate Recovery Act 152

How is Inherited Property Valued? 153

Chapter 9 Lowering Your Federal Estate Taxes 155

Making Gifts during Your Life 156

AB Trusts 158

Is There Anything Else? 162

Disclaiming Gifts 165

Chapter 10 A Comprehensive Estate Plan: Putting the Insurance Pieces Together 169

Insurance Protection 170

Types of Insurance Coverage 173

Life Insurance and Taxes 182

Summing it Up 184

Chapter 11 Planning for Long-Term Care 187

It Will Not Happen to Me 187

Medical Decisions to Consider 188

Final Arrangements 194

Making Financial Decisions 196

Chapter 12 Your Estate Plan and Your retirement Monet 201

First, Invest 201

Into Your Estate Plan 202

Planning for Your Retirement Funds 204

Chapter 13 What Happens When...? 217

Children and Estates 217

What Happens with Divorce 225

Chapter 14 Putting It All Together 227

Step 1 Why Are You Planning? 227

Step 2 What Do I Want to Cover? 228

Step 3 Who Are Your Beneficiaries? 229

Step 4 Caring for Your Children 230

Step 5 Determine Where You Are Currently 231

Step 6 Who is Your Team? 232

Step 7 Whom Should You Tell? 233

Step 8 Did You Get Everything? 233

Step 9 Revisit Your Estate Plan Yearly or More 235

Step 10 Work to Accomplish Your Goals 236

Conclusion 237

Appendix A 239

Living Will 239

Designation of Health Care Surrogate 242

Power of Attorney 244

Considerations in Planning Your Estate 247

Tentative Tax 270

Appendix B 271

Glossary of Terms 323

Bibliography 329

Author Biographies 331

Index 333

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Sort by: Showing all of 4 Customer Reviews
  • Anonymous

    Posted May 21, 2010

    Great Resource

    "The Complete Guide to Planning Your Estate in New York" is a valuable resource for anyone considering the reasonably overwhelming topic of estate planning. The authors are clearly well versed in their topic. The book drives home the importance of estate planning, "An estimated 60 percent of people die without a will or any type of estate plan. That means that the government settles the estate, and, if there are no clearly defined heirs, the state takes everything." The book is well structured and provides an easy layout to review the most relevant subjects, including Chapters on "What are you Worth?" and "Probate: Avoid it all Costs".

    Estate planning is not a 'do it yourself' topic and so some of the discussion is devoted to finding the legal and financial professionals necessary for getting the plan in place. Given that many of the topics and forms would be covered by the professionals chosen, it may have been useful to give more detail on how to find the proper professionals and the cost. That said, the book provides the reader with all the information necessary to prepare for these estate planning discussions and make the most of them.

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  • Posted April 27, 2010

    A Wonderful Guide for Those Treading the Financial Waters

    I am by no means a wealthy person, particularly given the state of the economy. Like most Americans, I've had concerns regarding my financial security and the financial security of my loved ones once I pass away. The Complete Guide to Planning Your Estate in New York has proven to be a shining light in an otherwise disconcerting future.

    This guide manages to take a rather mundane, certainly dry, topic and make it light and readable. I was not inundated with legalese and complex jargon that I didn't understand. Technical words were explained in layman's terms, and I felt like an old family friend was leading me through the daunting process of getting my estate in order.

    You do NOT have to live in New York to gain from this book. No stones are left unturned. It even comes with handy "Case Studies" which provide first person accounts and advice from experts in this field. I highly recommend this title!

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  • Posted April 19, 2010

    A Detailed Reference

    The authors of The Complete Guide to Planning your Estate in New York are obviously well-intentioned. They make it clear that they want to help people protect and provide for their families and that they want them to do it in a timely fashion so that no detail is left unconsidered. This is noble and necessary, but it does not save the book from being extremely dry and a touch overwhelming in its 'no stone unturned' approach.
    That being said, the authors make it clear that this book is mainly a primer and that many hired professionals such as attorneys, financial planners and insurance brokers must be consulted in the process of estate planning.
    The authors give detailed consideration to all aspects of estate planning, including wills, trusts, life insurance, taxes, probate court, living gifts and final expenses. To their credit they don't shy away from helping people with debt - giving them options on how their beneficiaries can best manage it, and they give considerable space to discussing how primary breadwinners can choose options that allow their families to access needed funds while their assets may be held up with probate or other delays. I also commend their appendices which function as a series of worksheets to lay out as meticulous or as simple an estate plan as needed. All in all, with the help of the appropriate professionals, this book could be quite the helpful tool in estate preparation

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  • Posted April 7, 2010

    A Comprehensive Guide to a Tough Topic

    This is a topic no one wants to discuss, but this book helps you understand and manage it as all eventually agree it is an important topic. I watched my parents have to deal with their parents aging and dying. I've watched my friends parents do the same and often run into financial difficulties doing so. Now that I have reached an age where I no longer believe I'm immortal and my parents are starting to get older, the importance of Estate planning is really sinking in.

    Though the topic is a burden, this book is far from as it takes much of the pressure off your shoulders by simply educating you in areas which seemed so difficult to think about before much less understand. This book is very easy to read and isn't overly filled with legal jargon even though it is written by a lawyer. The author's obvious empathy to her clients over the years shines through her words. The author's experience in practiced estate law and planning lends to easy to understand practical steps one must think about and do in order to protect your estate should you no longer be able to for whatever reason.

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